Press Release
Press Release
According to a new report by EMR titled, ‘The Global EPC (Engineering, Procurement, and Construction) Market Report and Forecast 2024-2032’, the market attained a value of nearly USD 8.50 trillion in 2023. The market is further estimated to grow at a CAGR of 3.20% between 2024 and 2032 to reach USD 11.22 trillion by 2032.
The global EPC (engineering, procurement, and construction) market growth is driven by increasing government investments in infrastructure development to build bridges and road development projects. The EPC (engineering, procurement, and construction) sector is vital for executing complex projects across industries. EPC firms provide comprehensive solutions, including engineering design, procurement, and construction services, prioritising cost-effectiveness and efficiency. By leveraging advanced technologies and sustainable practices, they ensure successful project delivery. As global demand for large-scale projects increases, the EPC market is poised for steady growth, driving innovation and collaboration among industry participants.
Fig: Construction Company Sales and Market Capitalisation by Major Countries 2022
Large-scale infrastructure projects necessitate substantial investments and expertise, prompting organisations to engage EPC firms for turnkey solutions. These firms collaborate closely with clients throughout projects to ensure success.
The surge in power generation projects and global energy demand is driving the need for engineering, procurement, and construction (EPC) services worldwide. Governments favour EPC contractors for their expertise and efficiency in executing complex projects.
In October 2023, NTPC and MSPGCL issued invitations for engineering, procurement, and construction (EPC) bids totalling 900 MW of solar power projects. NTPC Green Energy Ltd tendered 300 MW projects, including nationwide locations. Maharashtra State Power Generation Co. Ltd or MSPGCL invited bids for 600 MW projects in Maharashtra. EPC packages include land acquisition, design, installation, and maintenance. Both projects are open for solar cell and module usage from any source. MSPGCL's projects include power evacuation systems and three years of maintenance support, and the bids were tendered under renewable energy bundling schemes.
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The major players in the market are China State Construction Engineering Corporation Ltd., Fluor Corporation, Prokon Engineering and Consulting Inc., Tekfen Holding A.S, Maire Tecnimont S.p.A., SAIPEM SpA, Swinerton Incorporated, Samsung Engineering Co. Ltd, Larsen & Toubro Limited, TechnipFMC plc, Wood plc, and GS Engineering & Construction Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Application |
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Breakup by Marketing Channel |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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